Coles targets banks with savings accounts

Retailing giant Coles will tackle the major banks head on as it seeks a formal banking licence, allowing it to add savings accounts to its existing financial services products.
Coles is understood to be well down the track in obtaining an Authorised Deposit-taking Institution licence from the Australian Prudential Regulation Authority, which will allow it to take deposits under its own name rather than in partnership with a bank.
The move comes as supermarkets spread their reach into the financial services sector, offering products such as insurance and credit cards.  Sydney Morning Herald – Read more…